Skip to course topics
    ← Economics

    AQA as-level Economics

    Explore your course, one topic at a time.

    Course overview

    The AQA as-level Economics specification covers 2 topics with 6 learning objectives (601/4372/1). Use the topic browser below to explore subtopics, exam tips, common mistakes, and key terminology for each area of the course.

    • 2 topics
    • 6 learning objectives
    Ofqual Regulated: 601/4372/1

    Official Regulatory Specification

    Regulated by the Office of Qualifications and Examinations Regulation (Ofqual) in England

    View on Ofqual Register (opens the official government register in a new tab)
    Qualification Number (QN)
    601/4372/1
    Awarding Organisation
    AQA
    Regulatory Type
    GCE AS Level
    National Level & Units
    as-level • 2 units
    Sector Subject Area: Economics
    This qualification is officially accredited under the national framework. Credits and certified outcomes are recognised by employers, further education colleges, and training providers throughout the UK.
    2
    topics

    Explore your topics

    2 topics

    AS Economics2 topics
    About this course

    About AQA as-level Economics

    AQA AS-Level Economics introduces students to the fundamental principles of microeconomics and macroeconomics, focusing on how markets work and how the UK economy operates. The course is designed to develop analytical and evaluative skills, encouraging students to think like economists and apply economic concepts to real-world issues.

    The specification is structured into two main components: 'The Operation of Markets and Market Failure' and 'The National Economy in a Global Context'. Each component is assessed through a separate written paper, and together they provide a comprehensive foundation for further study in economics or related fields.

    Assessment Structure

    AQA AS-Level Economics is assessed through two written papers, each lasting 1 hour 30 minutes and worth 50% of the total AS grade. Paper 1 focuses on 'The Operation of Markets and Market Failure' and includes multiple-choice, short-answer, and extended writing questions. Paper 2 covers 'The National Economy in a Global Context' and follows a similar format. Both papers are externally assessed and contain a mix of data response and essay-style questions, with a total of 80 marks per paper.

    Why Choose AQA?

    • AQA's AS-Level Economics specification is well-structured and clearly links microeconomic and macroeconomic concepts, making it easier for students to see the bigger picture and apply their knowledge to real-world scenarios.
    • AQA provides a wide range of high-quality resources, including past papers, mark schemes, and examiner reports, which are invaluable for effective revision and understanding what examiners are looking for.
    • The assessment style, with a mix of multiple-choice, data response, and essay questions, allows students to demonstrate a range of skills and caters to different strengths, making it accessible to a diverse cohort of learners.

    Frequently Asked Questions

    What is the difference between AQA AS-Level Economics and A-Level Economics?
    AS-Level Economics is a standalone qualification that covers half the content of the full A-Level. It is typically taken in the first year of study and can be used as a stepping stone to the full A-Level, but it does not contribute to the final A-Level grade if you continue. The AS content is a subset of the A-Level topics, but the assessment is separate, with two papers instead of three. If you are planning to study economics at university, the full A-Level is usually preferred, but AS-Level can still provide a solid foundation.
    How many exams are there in AQA AS-Level Economics and what is the format?
    There are two exams for AQA AS-Level Economics, both of which are written papers. Paper 1 covers microeconomics ('The Operation of Markets and Market Failure') and Paper 2 covers macroeconomics ('The National Economy in a Global Context'). Each paper lasts 1 hour 30 minutes and is worth 50% of the AS grade. Both papers include a mix of multiple-choice, short-answer, and extended writing questions, with some questions based on data or case studies.
    What is the pass rate for AQA AS-Level Economics?
    The pass rate for AQA AS-Level Economics is typically high, with over 90% of students achieving a grade E or above in recent years. However, achieving a top grade (A) requires strong analytical and evaluative skills, as well as the ability to apply economic concepts to unfamiliar contexts. It is important to practice past papers and understand the mark schemes to maximise your chances of success.
    Is AQA AS-Level Economics harder than other exam boards?
    The difficulty of an exam board is subjective and depends on your strengths and preferences. AQA is known for its clear specification and straightforward question wording, which some students find easier to understand. However, the extended writing questions require depth and evaluation, similar to other boards. It is best to look at sample papers and past papers to see which style suits you, as some boards may have more data interpretation or multiple-choice questions.
    What topics are covered in AQA AS-Level Economics?
    AQA AS-Level Economics covers two main areas: microeconomics and macroeconomics. In microeconomics, you will study how markets work, including supply and demand, price elasticity, and market failure (such as externalities and public goods). In macroeconomics, you will learn about the UK economy, including economic growth, inflation, unemployment, and the balance of payments, as well as government policies to manage the economy. The course also introduces globalisation and international trade.
    Assessment and exam guidance

    What Gets Top Grades

    A*/Grade 9

    Knowledge & Understanding

    Demonstrates comprehensive and accurate knowledge

    • Uses correct subject-specific terminology
    • Shows detailed understanding of concepts
    • Makes accurate connections between topics
    • Demonstrates depth beyond surface-level knowledge

    Application

    Applies knowledge effectively to new contexts

    • Selects relevant knowledge for the question
    • Adapts understanding to unfamiliar scenarios
    • Uses examples appropriately
    • Shows awareness of context

    Analysis & Evaluation

    Develops sophisticated analytical arguments

    • Constructs logical chains of reasoning
    • Considers multiple perspectives
    • Weighs evidence to reach justified conclusions
    • Acknowledges limitations and nuances

    Key Command Words

    AQA
    State
    1 mark

    Give a single fact or term

    Identify
    1 mark

    Name, select, or recognise

    Outline
    2 marks

    Set out main features briefly

    Describe
    2-4 marks

    Give an account of what something is like or what happens

    Explain
    3-6 marks

    Give reasons with developed cause→effect chains

    Compare
    2-4 marks

    State similarities AND differences (both required)

    Analyse
    6-9 marks

    Examine in detail showing cause→effect→consequence chains

    Evaluate
    6-12 marks

    Weigh up BOTH sides, reach JUSTIFIED conclusion

    Assess
    6-12 marks

    Make judgments about importance with justification

    Calculate
    2-4 marks

    Show formula→substitution→calculation→answer with units

    Ready for a little practice?

    Create your account to start practising Economics.

    Start free

    A week of Premium from your first lesson · Then the free plan continues · No card, no charge

    Start free

    Cookies on MasteryMind

    Essential cookies keep you signed in.

    Analytics and advertising cookies stay off unless you accept.

    Read our Privacy Policy.